On Aug. 11, 2008, Standard&Poor's Ratings Services affirmed its 'AAA/Stable/A-1+' senior unsecured debt rating on Freddie Mac. At the same time, we lowered our subordinated debt and preferred stock ratings on Freddie Mac to 'A-' from 'AA-' and our risk-to-the government rating to 'A' from 'AA-'. These ratings are removed from CreditWatch Negative where they were placed July 25, 2008. The outlook is negative. The affirmation of the 'AAA/A-1+' senior debt rating reflects the strong explicit and implicit U.S. government support these securities hold in the marketplace, as evidenced by the recent U.S. Treasury actions. This underscores the key public policy role and the key liquidity role the congressionally chartered government-sponsored enterprises (GSEs) have in the U.S. mortgage
